FC Barcelona, Real Madrid CF, and Athletic Bilbao are making a last-minute attempt to stop a $2.3 billion deal between La Liga and CVC Capital Partners — by offering an alternative funding proposal.
Spain’s soccer club presidents are set to vote next week on CVC’s proposed deal for a 10.95% stake in a new company called La Liga Impulso that would oversee all of the soccer league’s businesses, subsidiaries, and joint ventures.
The proposal comes after the league’s revenue fell 8% during the pandemic.
The three teams are reportedly prepared to present an alternative plan as soon as this week, despite a provision in the original deal allowing individual clubs to opt out.
- All three teams previously voiced their opposition to the CVC deal, as the league could potentially lose control of media rights for the next 50 years. The Spanish Soccer Federation called the CVC deal illegal and harmful.
- The teams’ new proposal reportedly cuts that time frame in half. They’re working with Bank of America Corp. and JPMorgan Chase & Co. on the plan.
Last month, CVC, Advent International, and Italy’s FSI fund entered an agreement with Italy’s Serie A soccer league for a similar deal — $2 billion for 10% of a new company managing the league’s broadcasting rights.
La Liga needs 22 of 42 votes from clubs in its first and second divisions to approve the deal.